Royal Bank of Canada Acquires 44,907 Shares of Cummins Inc. (NYSE:CMI)

Royal Bank of Canada increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 3.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,271,279 shares of the company's stock after purchasing an additional 44,907 shares during the period. Royal Bank of Canada owned approximately 0.93% of Cummins worth $443,169,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC grew its position in Cummins by 59.6% during the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after buying an additional 28 shares during the period. BankPlus Trust Department acquired a new position in shares of Cummins during the 4th quarter valued at about $26,000. Compass Financial Services Inc acquired a new position in shares of Cummins in the 4th quarter valued at $27,000. Meeder Asset Management Inc. boosted its holdings in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after purchasing an additional 52 shares during the last quarter. Finally, TCTC Holdings LLC acquired a new position in shares of Cummins in the 4th quarter valued at $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

CMI stock traded down $5.18 during mid-day trading on Tuesday, hitting $331.47. 836,035 shares of the company were exchanged, compared to its average volume of 807,173. The business has a 50 day simple moving average of $304.17 and a 200-day simple moving average of $341.58. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $45.66 billion, a PE ratio of 11.77, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business's revenue was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.08 EPS. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, May 23rd. Cummins's payout ratio is 36.22%.

Insiders Place Their Bets

In other Cummins news, Director John H. Stone acquired 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the acquisition, the director now owns 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CMI shares. Morgan Stanley increased their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. Barclays raised their price target on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Robert W. Baird lowered their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. Truist Financial lowered their price objective on Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Finally, Evercore ISI reduced their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Cummins presently has a consensus rating of "Hold" and a consensus target price of $352.17.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.